Odu’a Investments Company Ltd. has declared N4.068 billion and a profit before tax of N698 million as its earnings for the 2017 fiscal year.
The Chairman, Board of Directors of the conglomerate, Olusola Akinwumi and its Group Managing Director (GMD), Mr Adewale Raji, disclosed this while addressing reporters after the company’s 36th Annual General Meeting at its Cocoa House, Ibadan headquarters, yesterday.
Consequently, following the approval at the AGM, the company declared N277.78 million dividends for its shareholders.
The earning is a 3.8 per cent increase over the previous year’s N3.918 billion.
Akinwumi said the company was able to achieve the feat in spite of the 16.5 per cent inflation rate for the year which raised costs.
He added that the conglomerate’s ‘skewed assets in real estate’ adversely affected its business as many clients and tenants in rented commercial, retail and residential properties defaulted in rent payments.